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Financial Assessment Update Takes Effect October 3, 2016

September 26, 2016     no comments

Reverse Mortgage Financial Assessment Update Purpose The intent of this article is to announce upcoming updates to the HECM Financial Assessment and Property Charge Guide guidelines. Implementation These changes are effective for case numbers assigned on or after October 3, 2016.   New Requirements  SECTION NO. SUBJECT REVISED REQUIREMENT 2.14 Payment History on Housing Obligations Requirements apply only to the borrower's principal residence.  There is no requirement to collect a 12 month payment history for rental property payments, only that the payments must be current. 2.21 Delinquent Federal Non-Tax Debt Reverse... Read Full Article

Getting a Reverse Mortgage Online -vs- in Person

August 19, 2016     no comments

Making the decision to apply for a reverse mortgage is a large decision in and of itself, but once you do decide you’re ready, you will have a choice to make whether you want to work with a loan officer over the phone or in person. You can complete a reverse mortgage in person with a local loan officer or you can work with someone who may actually be states away. There are some things to consider about each option. But keep in mind, each state has their own licensing... Read Full Article

How Will Brexit Impact Reverse Mortgages?

August 17, 2016     no comments

As you have heard by now, Brexit happened. The United Kingdom voted in referendum in June to leave the European Union. Though nothing catastrophic has happened as a result, there will likely be some slow changes taking place across the real estate landscape in the U.S. in the coming years, especially when it comes to the housing market. Since the talk of a Brexit possibility began, financial experts have been speculating as to how it might impact the U.S. housing market. A trickle-down effect could have some bearing on reverse... Read Full Article

How Does a Reverse Mortgage Really Work?

June 12, 2016     no comments

Teresa has sent the following question(s) in the ask experts blog. Hi, how does the reverse mortgage really work? I have been trying to understand it, do I receive the money that is reversed? I pay $ 441.70 for my mortgage and I'm on social security and only make under $760.00 a month and the payments goes to USDA Rural Development and I would like to know how would that work? And how old do you suppose to be? Like to know how this all works? Hi Teresa, ... Read Full Article

Using a Reverse Mortgage to Purchase New Home

June 10, 2016     2 comments

A browser Phil Smith has sent the following question(s) in the ask experts blog. I wish to purchase a new home for approximately $800,000. What is the difference if I (A) pay cash for the property and then get a $250,000 reverse mortgage or (B) get a $250,000 reverse mortgage as part of the purchase process? I am 72 and my wife is 70 years old. Hi Phil, There is no difference in the amount of the loan for which you and your wife would be eligible for either the... Read Full Article

Reverse Mortgage Heirs: How Much Will You Owe?

June 10, 2016     28 comments

Today we received a question that came across one of my blog posts "The Pros and Cons of the Reverse Mortgage" This is an excellent question that I'm sure most heirs have when families may be considering the reverse mortgage. "My grandma is 76, retired once but had to start working again to keep up with the property taxes. My father is 52 and moved in with her a while ago so that he could pay the mortgage but now he is falling behind. I help out with what I... Read Full Article

Reverse Mortgages – How They Work & How They Don’t in 2017

June 10, 2016     4 comments

Many people get very confused when they try to grasp how a reverse mortgage works. They look at the different interest rates, the mortgage insurance, the servicing fees, principal limits, net principal limits and before long, they just want to know the bottom line as they're so confused they don't want to try to understand anymore. This will be possibly an over-simplified explanation for those who possess a great deal of "reverse mortgage savvy", but for those who just want to get a basic idea of what this program is... Read Full Article

Can You get a Reverse Mortgage on a Log Home?

March 30, 2016     no comments

A browser Myrddin J.  sent the following question(s) in the ask experts blog: I have a log home with no mortgage. I applied to quicken reverse mortgage and was told that because there aren't any other log homes sold in the area for the last six months (there are around 20 in the area but none sold) FHA would not insure as there have to be comps. They suggested that I try and find a company that does non FHA insured reverse mortgages. Can you help Hi Myrddin, It... Read Full Article

Reverse Mortgage Property Eligibility: Acreage & Zoning

March 10, 2016     18 comments

I will be 62, and my wife is 58. We are both retired at present. We own acreage (deed) under an LP where we are both partners and intend to build a home on it.  We can pay outright for the home and own 100% equity in the house and acreage. My thought is to take a reverse mortgage to fund the next 5-10 years of living expenses while delaying IRA withdrawal and letting it grow and also delay SS until full benefit or wait until 70 to collect.  If... Read Full Article

Non-Borrowing Spouses Now Have Protections

March 1, 2016     16 comments

My husband is 64-yrs old and presently the only borrower in the mortgage. I am 60 yrs. old (wife), self-employed approx. $1800-2250/month as a Mobile Notary Agent. Do we qualify in this reverse mortgage program as joint borrower? or just him as a single borrower? his income at present $2500/month. -Mary Jean Hi Mary Jean, If you decide to get the reverse mortgage before your 62nd birthday, your husband would have to do the loan on his own and you would have to be a non-borrowing spouse. HUD has... Read Full Article